Synlogic (NASDAQ:SYBX) Downgraded to “Sell” at Citigroup

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Citigroup cut shares of Synlogic (NASDAQ:SYBX) from a buy rating to a sell rating in a research report report published on Wednesday, BenzingaRatingsTable reports. Citigroup currently has $2.00 price target on the biotechnology company’s stock, down from their previous price target of $20.00.

Other equities analysts have also issued research reports about the company. Chardan Capital set a $25.00 target price on Synlogic and gave the stock a buy rating in a research note on Monday, July 15th. HC Wainwright reiterated a buy rating and set a $22.00 target price on shares of Synlogic in a research note on Monday, August 12th. Piper Jaffray Companies reiterated an overweight rating and set a $20.00 target price (up previously from $10.00) on shares of Synlogic in a research note on Tuesday, August 20th. Jefferies Financial Group began coverage on Synlogic in a research note on Tuesday, April 30th. They set a buy rating and a $18.00 target price on the stock. Finally, Zacks Investment Research lowered Synlogic from a buy rating to a hold rating in a research note on Wednesday, August 14th. One analyst has rated the stock with a sell rating, three have given a hold rating and six have assigned a buy rating to the company. Synlogic currently has a consensus rating of Buy and a consensus price target of $16.33.

Shares of NASDAQ SYBX opened at $3.27 on Wednesday. The firm has a market cap of $102.45 million, a P/E ratio of -1.61 and a beta of 2.39. The company has a current ratio of 14.43, a quick ratio of 14.43 and a debt-to-equity ratio of 0.13. Synlogic has a 1-year low of $2.90 and a 1-year high of $14.59. The business’s 50 day moving average is $6.17 and its 200-day moving average is $7.75.

Synlogic (NASDAQ:SYBX) last announced its earnings results on Thursday, August 8th. The biotechnology company reported ($0.45) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.49) by $0.04. The company had revenue of $0.35 million for the quarter, compared to analyst estimates of $0.96 million. Synlogic had a negative return on equity of 34.75% and a negative net margin of 1,844.96%. Analysts forecast that Synlogic will post -1.92 EPS for the current year.

A number of large investors have recently modified their holdings of SYBX. Bank of New York Mellon Corp raised its position in shares of Synlogic by 12.1% during the fourth quarter. Bank of New York Mellon Corp now owns 56,774 shares of the biotechnology company’s stock worth $398,000 after acquiring an additional 6,129 shares during the last quarter. Northern Trust Corp raised its position in shares of Synlogic by 1.2% during the fourth quarter. Northern Trust Corp now owns 167,135 shares of the biotechnology company’s stock worth $1,172,000 after acquiring an additional 2,005 shares during the last quarter. Dimensional Fund Advisors LP raised its position in shares of Synlogic by 50.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 316,656 shares of the biotechnology company’s stock worth $2,220,000 after acquiring an additional 105,628 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Synlogic by 12.0% during the fourth quarter. Geode Capital Management LLC now owns 155,161 shares of the biotechnology company’s stock worth $1,087,000 after acquiring an additional 16,591 shares during the last quarter. Finally, Bank of Montreal Can raised its position in shares of Synlogic by 5,743.1% during the first quarter. Bank of Montreal Can now owns 12,738 shares of the biotechnology company’s stock worth $97,000 after acquiring an additional 12,520 shares during the last quarter. 66.08% of the stock is currently owned by institutional investors and hedge funds.

Synlogic Company Profile

Synlogic, Inc a clinical-stage biopharmaceutical company, focuses on the discovery and development of synthetic biotic medicines to treat metabolic, inflammatory, and cancer diseases in the United States. Its lead therapeutic programs include SYNB1020, an oral therapy for the treatment of hyperammonemia, which includes patients with liver diseases, such as hepatic encephalopathy, as well as patients with urea cycle disorders; and SYNB1618, an oral therapy that is in Phase I/IIa clinical trial to treat phenylketonuria.

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